Sun, 29 Nov 2020

Xinhua world economic summary at 0900 GMT, Nov. 5

Xinhua
05 Nov 2020, 19:30 GMT+10

BRUSSELS -- The recovery of European Union (EU) economies from the impact of the COVID-19 pandemic is expected to be slower than previously thought due to the resurgence of the virus spread in the bloc, European Commission Executive Vice-President Valdis Dombrovskis warned on Wednesday.

"The months ahead will be challenging for everyone, so it is especially important that we discuss and coordinate our policies," Dombrovskis told a press conference following the virtual meeting of the EU's economy and finance ministers. (EU-Economy)

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RABAT -- The World Bank has granted Morocco a loan of 150 million U.S. dollars to support its Urban Transport Program, official news agency MAP reported Wednesday.

This new financing will "support the Moroccan authorities in maintaining their momentum for reform and to develop enough, affordable transport for the country's urban population," MAP quoted Jesko Hentschel, World Bank country director for the Maghreb, as saying. (Morocco-Loan-Urban Transport)

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ISLAMABAD -- Pakistani Prime Minister Imran Khan and Chairman of the presidency of Bosnia-Herzegovina Sefik Dzaferovic on Wednesday agreed to further mutual cooperation in various fields, especially in economic activities, trade and investment, and science and technology, the Prime Minister Office of Pakistan said.

The Pakistani prime minister exchanged views with Dzaferovic, who is in Pakistan for a two-day official visit, on the entire gamut of bilateral relations and the two leaders agreed to maintain frequent bilateral exchanges at the highest level, according to a statement issued by the Prime Minister Office. (Pakistan-Bosnia-Herzegovina-Cooperation)

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SYDNEY -- Australian officials granted approval on Thursday for one of the world's largest lithium-ion batteries to be built in the State of Victoria, helping drive the region's renewable energy push and COVID-19 recovery.

Expected to be roughly as large as a medium sized football stadium, the Tesla type battery will be the largest in the country and help Victoria meet its renewable energy target of 25 percent by the end of 2020. (Australia-Battery)

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SYDNEY -- Australian workers are heading back to their offices in droves, bringing life back to struggling central business districts (CBD), new data revealed Thursday.

According to the report by the Property Council of Australia, all CBD markets saw increases in office occupancy during October, with the exception of Melbourne which only recently lifted strict COVID-19 regulations. (Australia-COVID-19-Business)

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